Gift vouchers make for a lucrative Christmas

Vouchers and gifts cards are expected to reach 31.74 billion dollars this holiday season, according to the US National Retail Federation.

Consumer spending will increase almost 10 percent from 163.16 dollars last year to 172.74 dollars, according to the survey, which also cites 62 percent of shoppers stating they would like to receive a gift card.

The latest survey found adults over the age of 65 will spend the most on gift cards at an average of 204.59 dollars, comparable to young adults 18-24 spending an average of 113.75. Additionally, men plan to spend significantly more than women on gift cards, 180.81 dollars versus 165.09 dollars respectively.

“No longer impersonal or only about convenience, gift cards have become the perfect, practical gift item for millions of holiday shoppers,” said NRF CEO Matthew Shay.

“We’re sure there will be plenty of happy individuals this Holiday season who can look forward to treating themselves to something shiny and new come January when retailers start to offer promotions on fresh new merchandise.”